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2014 (3) TMI 21 - ITAT HYDERABADScope of FBT u/s 115WC(1)(ba) of the Act - Whether the CIT(A) erred in applying provisions of section 49(2AB) r.w.s. 115WC(1)(ba) of the Act, 1961 and giving relief on the shares that vested on 31/03/2007 on the assessee ignoring the fact that these provisions apply only w.e.f. 01/04/2008 i.e. AY 2008- 09 - Relief with regard to the taxation of capital gains relating to share transactions (ESOPs) – Held that:- The amended provisions of section 115WB are applicable to the facts of the present case - As clarified by the CBDT circular No. 9/2007 dated 20.12.2007, the amended provisions of section 115WB are applicable only when the shares allotted/ transferred on or after the 1st day of April, 2007 - As seen from the letter produced by the Revenue, the shares are vested with the assessee on 31st March, 2007 which is before the 1st day of April, 2007 –thus, the assessee's claim cannot be allowed u/s 115WB(1)(d) of the Act – thus, the order of the CIT(A) set aside – Decided in faovur of Revenue.
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